US Labor Department figures showed that the number of jobless claims last week rose to more than 3 million, outperforming the previous record of 700,
US Labor Department figures showed that the number of jobless claims last week rose to more than 3 million, outperforming the previous record of 700,000 in October 1982, apparently driven by the closure of large portions of the US economy due to the Covid-19 pandemic”.
According to the US Department of Labor, the number of new jobless claims filed by individuals seeking unemployment benefits has risen to 3.28 million.
According to the Ministry of Labor, the number of claims in the previous week had reached 281,000, according to the Guardian newspaper.
This is the highest number ever reported, outperforming the previous record of 695 thousand claims filed in the week ending October 2, 1982.
This release provides the first official overview of the economic downturn the severity facing the United States, as companies close businesses and states across the country are moving toward preventing people from gathering in crowds in an attempt to contain the new Coronavirus outbreak.
And all over the United States the laid-off workers overwhelmed state labor administrations as claims for unemployment benefits expanded.
In New York City, for example, which now accounts for nearly 5 percent of all global cases of Covid-19 disease There was a 1,000 percent increase in claims.
It is said that the administration of President Donald Trump before the Ministry of Labor issued its report, it pressed to prevent the states from revealing and announcing the daily numbers related to the growing unemployment crisis.
Indeed, Ohio and South Carolina stopped issuing daily numbers after receiving a memo from the Ministry of Labor stating, “Data from these reports are closely monitored by policymakers and financial markets to determine appropriate measures in light of rapidly changing economic conditions. As such, the data must remain It is prohibited until the next Thursday the National Claims Report is released at 8:30 am”
According to Johns Hopkins University’s Covid-19 monitoring Index, the number of confirmed cases of the Coronavirus in the United States as of Thursday was 70,000, in addition to about 1,050 deaths, up from 302 last weekend.
Despite all of these losses, Donald Trump said this week that he would like “the country to open up and eager to leave after Easter”.
Trump is concerned that the quarantine measures and believes they could be more harmful than the virus itself, a view economists and health experts disagree with, and on Wednesday posted a tweet on his Twitter account saying, “Real people want to get back to work as quickly as possible.” We will be stronger than ever!
The sharp rise in unemployment last week marks the end of a historic period of job growth in the United States – as employers in the United States added jobs every month for more than 100 months in a row, and the unemployment rate in March was 3.5 percent, its lowest level in 50 years.
Economists said it was still too early to gauge the depth and length of the impact of the pandemic on the job market, while James Fellard, President of the US Federal Reserve in St. Louis, expected unemployment to reach 30 percent in the second quarter, while Morgan Stanley estimated that the rate of Unemployment will reach 12.8 percent during that time period.